Kedrion Biopharma | Rare Full-Term Corporate Guaranty
Rare Full-Term Corporate Guaranty | Prime Chicago Retail Corridor Location
Marketing description
Pleased to present the opportunity to acquire the fee-simple interest in a newly constructed, redevelopment-to-suit plasma collection center leased to Kedrion, one of the world’s leading plasma-derived pharmaceutical companies, located at 2722 North Central Avenue in Chicago, Illinois (the “Property”). Completed in 2024, the 15,244-square-foot facility sits on a 1.14-acre parcel and was purpose-built to meet Kedrion’s specialized operational requirements. Both landlord and tenant invested substantial capital into the development, underscoring Kedrion’s long-term commitment to the site and positioning the Property at the beginning of its useful life. The modern, medical-grade buildout also offers investors the potential for meaningful first-year bonus depreciation benefits, enhancing after-tax returns.
The Property is leased on a long-term net basis with 13 years of firm term remaining through April 30, 2039, plus a five-year renewal option with CPI-based rent growth. The lease structure provides for above-market rental increases, including a 15% rent escalation in Year 6, and a CPI-based increase in Year 11. The landlord’s responsibilities are limited solely to structural components, resulting in an extremely passive ownership profile. Offered at a 7.00% cap rate on in-place NOI, the upcoming rent increase meaningfully enhances future yield while maintaining strong downside protection. The lease is fully guaranteed by Kedrion S.p.A. for the entire term, providing exceptional credit security from a globally scaled pharmaceutical operator.
Kedrion is a best-in-class plasma pharmaceutical company headquartered in Italy, reporting approximately $2.0 billion in revenue in 2024, representing 10% year-over-year growth, with continued expansion into 2025. The company employs over 5,200 professionals, operates in more than 100 countries, and maintains a growing U.S. plasma collection network with 75+ operating centers. In September 2025, Kedrion announced plans to invest over $260 million to develop 40+ new plasma centers in the United States, alongside an additional $60 million investment to expand manufacturing capacity domestically and abroad. This aggressive capital deployment reflects strong confidence in long-term demand for plasma-derived therapies and further reinforces the credit strength behind the lease. The Subject Property is considered a high-performing center, benefiting from Kedrion’s disciplined site selection and operational expertise.
Investment highlights
- Brand-new group-up construction with bonus depreciation | Significant Year-1 tax shelter and minimal near-term capital exposure.
- Long-term NNN lease with 15% rent increase in year 3 | Strong contractual growth and predictable cash flow.
- Full-term corporate guaranty | Global, best-in-class plasma pharmaceutical credit - Kedrion S.p.A.
- $320M+ Committed U.S. expansion pipeline | 40+ new plasma centers and expanded manufacturing capacity.
- Prime Chicago retail corridor location | Central Avenue frontage with rare parking, dense population, and top-performing national retailers.
- Structural plasma supply shortage | Demand materially outpaces supply on a global scale.
- High-barrier, "sticky" real estate | Licensing constraints, FDA approvals, and capital-intensive buildouts limit relocation risk.
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